Panbela Therapeutics Shares Drop On Raising $10M Via Equity Issued At 21% Discount

Panbela Therapeutics Inc PBLA has increased the size of the previously announced public offering to around 3.3 million common shares from 1.7 million shares at $3.00 per share.
The offering will close by July 2.
The offer price represents a discount of 21% on the last close price of $3.8 on Tuesday.
H.C. Wainwright & Co. is acting as the sole book-running manager for the offering.
Underwriters have an option to purchase up to an additional 500,000 shares.
The gross proceeds of $10 million will be used for continued clinical development of its initial product candidate SBP-101 and working capital and other general corporate purposes.
In April, the FDA lifted partial clinical hold from Phase 1 first-line study of SBP-101 combination trial for metastatic pancreatic ductal adenocarcinoma.
Price Action: PBLA shares are down 24.9% at $2.87 during the premarket session on the last check Wednesday.